The European Central Bank Governing Council raised its three key interest rates by 25 basis points, the ECB said in its Sep. 10 monetary-policy decision. The deposit facility moves to 2.50%, main refinancing operations to 2.65%, and the marginal lending facility to 2.90%, effective Sep. 16, 2026. Staff baseline headline inflation averages 3.0% in 2026, 2.5% in 2027, and 2.1% in 2028. Inflation excluding energy and food is 2.5%, 2.6%, and 2.3%. Real GDP growth is 0.9%, 1.4%, and 1.5%. Versus June, 2026 inflation is unchanged while 2027-28 inflation and 2026-27 growth were revised up.
The Council said it will follow a data-dependent, meeting-by-meeting approach and is not pre-committing to a particular rate path. It cited Middle East conflict inflation pressures and said inflation is set to remain well above target for an extended period. This package is the live decision, not a preview rewrite. Lagarde press-conference tone quotes are omitted until locked.
Sources: ECB monetary policy decisions PR, Sep. 10, 2026; ECB key interest rates table.
